TIDMOTC
RNS Number : 4448V
Ortac Resources Limited
03 November 2017
Ortac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining
& Exploration
3 November 2017
ORTAC RESOURCES LTD
("ORTAC" or the "COMPANY")
SIGNIFICANT NEW DRILL RESULTS ANNOUNCED
Casa Mining Ltd intersects 24.75m of 8.04 g/t Au at its Akyanga
Deposit
Ortac Resources Ltd is pleased to announce that Casa Mining Ltd
("CASA"), in which Ortac holds an effective 45% economic stake,
reports significant new gold assay results from the expansion and
infill drill programme currently underway at the Akyanga gold
deposit ("Akyanga") in the Democratic Republic of the Congo
("DRC").
Highlights
-- Highest ever grade and intersected thickness drilled at the
Akyanga Deposit - 24.75m @ 8.04 g/t Au from 200.75m, incl. 5m @
22.63 g/t Au from 207.10m
-- Drill results expected to extend the open pittable + 2g/t Au resource to the south
-- Visible gold logged in hole currently being drilled
-- Drill results validate the potential for Akyanga to become a +2Moz gold resource
Nick von Schirnding, Ortac's Executive Chairman, commented:
"These latest assay results further support our view that the
Akyanga Deposit is likely to develop into a major resource in
excess of 2 million ounces gold with very attractive grades. The
drilling results - the highest ever grade and thickness reported -
represent a turning point in the history of this asset. As the
largest investor in CASA, we shall be driving forward with an
accelerated drill program on this rapidly expanding gold
resource.
We expect to receive the results for two further completed holes
within the next few weeks and, with several high priority targets
still untested, we remain upbeat about the Akyanga story, as it
continues to develop into a potentially very significant commercial
gold resource for Ortac."
Drill Results Summary
Eight diamond drill holes, with over 1,920m drilled, have been
completed as part of the expansion and infill drill program.
The results for the latest drill holes, MSDD0110 to MSDD0113,
have been received with significant gold mineralisation intersected
in MSDD0110.
Table 1. Latest Drill Intercepts*
Hole ID From (m) To (m) Interval Au Grade
(m) (g/t)
----------- --------- ------- --------- ---------
142.00 145.30 3.30 2.27
--------- ------- --------- ---------
MSDD0110 200.75 225.50 24.75 8.04
207.10 212.50 5.40 22.63
-----------
216.50 217.50 1.00 10.50
Including 223.50 225.50 2.00 7.29
----------- --------- ------- --------- ---------
MSDD0111 129.00 137.00 8.00 1.14
----------- --------- ------- --------- ---------
MSDD0112 100.15 107.30 7.15 1.10
----------- --------- ------- --------- ---------
118.40 124.20 5.80 3.49
----------- --------- ------- --------- ---------
* The results tabulated above are for mineralised intersections
greater than 3 meters in length, greater than 0.5 g/t Au in grade
and allowing for up to 3 meters of internal dilution.
Further Details
Drill hole MSDD0110, drilled approximately 100m down dip of hole
MSDD0076 (which reported 10m at 4.20g/t Au from 126.55m), has
reported deeper than expected mineralisation and supports the
down-dip potential to the east, with earlier drill holes perhaps
stopped short of this deeper mineralisation.
Drill hole MSDD0112, drilled approximately 100m down dip of hole
MSDD0069 (which reported 16.9m at 2.35g/t Au from 100m down the
hole) confirms the down-dip continuity of >2g/t mineralisation
in this southern part of the deposit.
Holes MSDD0111 and MSDD01113 were drilled from the same collar
location and the mineralisation intersected in drill hole MSDD0111
confirms that the southern extents are still open. MSDD0113 was
drilled in a southerly direction with more understanding of the
geology and controls of mineralisation required to assist future
extension drilling in the south.
Results are pending for completed holes MSDD0114 and MSDD0115
and are expected within 2 to 3 weeks. Drill holes MSDD0116 and
MSDD0117 are in progress, testing northern extensions to, and
continuity of grade within, the current open pittable resource,
with visible gold logged in diamond drill hole MSDD0117.
Quality Assurance/Quality Control (QA/QC)
African Mining Consultants maintain a comprehensive chain of
custody and QA/QC program on assays from the Akyanga Project on
behalf of Casa Mining Limited. Half-sawn core is sent directly to
the preparation facility at the SGS Mwanza, in Tanzania, an
ISO17025:2005 accredited facility. Gold assays are determined at
SGS by using a 50g lead collection fire assay digest and an atomic
absorption spectrometry finish to a 0.01ppm Au detection limit.
Industry-standard certified reference materials and blanks are
inserted into the sample stream prior to dispatch to SGS. Full
analytical quality assurance/quality control (QA/QC) is achieved
using a suite of certified standards, laboratory standards, field
duplicates, laboratory duplicates, repeats, blanks and grind size
analysis.
The spatial locations of the samples are derived using GPS
collar survey pickups and Reflex single shot downhole surveys taken
every 25m down hole.
Qualified Persons
The information in this announcement that relates to Exploration
Targets, Exploration Results and Mineral Resources or Ore Reserves
is based on information compiled by Mr Thomas Rogers (BSc. Hons,
MSAIMM, MEIZ) of African Mining Consultants (AMC). Mr Rogers has
sufficient experience in the activity which he is undertaking to
qualify as a Competent Person as defined under the JORC Code
(2012). AMC consents to the inclusion in this announcement of the
matters based on this information in the form and context in which
it appears.
The information in this press release is based on information
provided by CASA Mining Limited and AMC and compiled on behalf of
Ortac by Mr Vassilios Carellas. The drill results have not been
independently verified by Ortac Resources Ltd. Mr Vassilios
Carellas (BSc (Hons), MAusIMM) is the Chief Operating Officer for
Ortac Resources Limited and has sufficient experience relevant to
the style of mineralisation and type of deposit under consideration
and to the activity which he is undertaking to qualify as a
Competent Person as defined under the JORC Code (2012). Mr Carellas
consents to the inclusion in this announcement of the matters based
on his information in the form and context in which it appears.
Background
The Company recently announced a strategic review in which it
decided to focus exclusively on its high-potential African
exploration and mining assets, specifically CASA's Misisi gold
project and Zamsort's copper/cobalt project, in addition to
maximising the value of its other assets and investments. Ortac
currently holds shares and a convertible loan note in CASA, which
if converted, would give Ortac a 45% stake in the share capital of
CASA, a private company focused on developing the Akyanga Deposit,
one of several potential resources within the Misisi gold project,
in the DRC. CASA has commenced with an expansion and infill diamond
drill programme (OTC Press Release August 22, 2017), where to date
over 85% of the planned 2,200m first phase has been completed.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
**S**
Contacts
Ortac Resources Ltd +44 (0) 20
Nick von Schirnding (Chairman) 3874 8664
SP Angel (Nominated Adviser
& Broker)
Ewan Leggat / Lindsay Mair / +44 (0) 20
Soltan Tagiev 3470 0470
Celicourt Communications (PR) +44 (0) 20
Mark Antelme / Jimmy Lea 7520 9261
Forward-looking Statements
This news release contains forward-looking statements that are
based on the Company's current expectations and estimates.
Forward-looking statements are frequently characterised by words
such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate", "suggest", "indicate" and other similar
words or statements that certain events or conditions "may" or
"will" occur. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that could cause
actual events or results to differ materially from estimated or
anticipated events or results implied or expressed in such
forward-looking statements. Such factors include, among others: the
actual results of current exploration activities; conclusions of
economic evaluations; changes in project parameters as plans
continue to be refined; possible variations in ore grade or
recovery rates; accidents, labour disputes and other risks of the
mining industry; delays in obtaining governmental approvals or
financing; and fluctuations in metal prices. There may be other
factors that cause actions, events or results not to be as
anticipated, estimated or intended. Any forward-looking statement
speaks only as of the date on which it is made and, except as may
be required by applicable securities laws, the Company disclaims
any intent or obligation to update any forward-looking statement,
whether as a result of new information, future events or results or
otherwise. Forward-looking statements are not guarantees of future
performance and accordingly undue reliance should not be put on
such statements due to the inherent uncertainty therein.
About Ortac
Ortac Resources Limited is an AIM listed exploration and mine
development company focused on a diversified portfolio of mining
projects with interests in Slovakia, Eritrea, the Democratic
Republic of the Congo and Zambia.
Ortac's current holdings include:
-- A convertible loan note in Casa Mining Ltd, which including
Ortac's existing stake of 22.2%, takes Ortac shareholding to 45%
upon conversion;
-- A 14 percent equity interest in Zamsort Limited, a private
company focused on a prospective copper and cobalt licence in
Zambia, with the c. 6 percent balance and interest (convertible
note) being rolled forward to the end of 2018;
-- 100% ownership of the Kremnica Mining Licence Area in Slovakia;
-- An 18.48% interest in Andiamo Exploration Limited, a private
company exploring for resources in Eritrea.
For more information visit www.ortacresources.com
About CASA
CASA is a private Mauritian registered company that is the
71.25% owner and operator of the Misisi Gold Project located in
South Kivu, eastern DRC, approximately 350km south of Bukavu and
180km north of Kalemie.
The CASA licence area consists of three contiguous mining
licenses (133km(2) ), issued in March 2015 and valid for 30 years.
These licenses encompass a 60km strike length of the Tanganyika
graben within the Rusizian belt ("Misisi Corridor"), including the
Akyanga Deposit along with the Lubitchako, Tulongwe, Kilombwe and
Mutshobwe prospects.
The licences have benefited from considerable capital
expenditure to date, including regional geophysical surveys
completed in 2011, 19,522m of diamond drilling, 2,720m of reverse
circulation drilling and excavated 6,274 line metres of
trenches.
At CASA's most advanced project, the Akyanga Deposit, African
Mining Consultants ("AMC") in June 2017 reported a mineral
resource, within a US$1,250/oz gold selling price optimised pit
shell, which defined a 1.05Moz JORC inferred resource @ 2.27 g/t Au
(using a 1.5 g/t Au cut-off) within a lower grade envelope of
1.57Moz @ 1.65 g/t Au.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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